Sudanese Advisor: Improved oil revenues will reduce estimates of the deficit gap

2023-09-19 16:44:30

September 19, 2023

Baghdad/Al-Masala Al-Hadath: The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Tuesday that improved oil revenues will reduce estimates of the deficit gap and help overcome resorting to borrowing.

Saleh said in a press statement, “The accuracy of the timing of disbursement in the general budget as planned reflects the degree of efficiency of the budget’s performance itself in terms of the conformity of the executive path with annual financial planning.”

He added, “With the exception of the current expenditures that must be implemented, such as monthly salaries, support, and external obligations related to debts and other payments, the improvement in oil revenues will reduce estimates of the deficit gap and help overcome the resort to borrowing to fill the deficit, especially in implementing special programs in the operating budget, and investment spending on Planned projects according to their strategic priorities that are directly linked to raising the degree of growth in the gross domestic product and in accordance with the implementation schedules and specific timelines without delay.”

He continued, “There is a correlation between the reduction in deficit estimates due to the improvement in public revenues from oil revenues and other revenues, and the efficiency of implementing investment programs and projects in the general budget, which confirms the success of the efficiency of implementation by matching spending with the country’s annual financial planning without delay. Therefore, the decrease in the deficit Due to the development of oil resources, the plan will accelerate investment spending, which represents the basis of development and material economic progress, and at the same time reflects the efficiency of financial implementation.

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